Renowned cryptocurrency trader and analyst Ali Martinez has revealed data that shows major activities on the Shiba Inu network. Shiba Inu whales in the past 15 days have transferred an astonishing four trillion SHIB tokens to different crypto exchanges worth around $103 million.
SHIB Whale Activity and Market Impact
As per the data shared by Martinez, the whale activities pushed the total Shiba Inu supply on different cryptocurrency exchanges from about 144 trillion to over 147.5 trillion tokens, as of May 29. This surge in memecoins occurred while Shiba Inu witnessed an appreciable price rally.
#ShibaInu | Over 4 trillion $SHIB have been sent to #crypto exchanges in the last two weeks, worth around $103 million! pic.twitter.com/dqVGW3LzuA
— Ali (@ali_charts) May 31, 2024
Notably, Shiba Inu’s bullish run peaked on May 29 when it traded at $0.000029. However, it soon suffered a 12.16% dip as market sentiments propelled many holders to sell, crashing the price back to $0.00002584.
Interestingly, crypto analyst Davie Satoshi during the bullish run described Shiba Inu as an “overlooked gold mine” with promising short-term and long-term potential. Similarly, market analyst Eunice Wong also identified the bullish trend and projected a 409% increase for the dog-themed memecoin.
Market Sentiment, Historical Trends, and Shiba Inu Burn Mechanism
However, current CoinMarketCap data shows that Shiba Inu has nosedived to $0.000001006, a 6.55% plunge in the past 24 hours. This negative market sentiment comes less than 24 hours into the month of June.
Crypto-Vanguard reported earlier drawing on data from Cryptorank that SHIB might experience a bearish June based on historical data patterns. The historic trend showed that SHIB decreased by 4.75% in June 2021, 12% the same month in 2022, and finally, by 11.5% in June 2023.
Although members of the SHIB ecosystem had hoped to break the June trend this year, current market sentiments seem to favor history as far as the memecoin is concerned.
Meanwhile, the Shiba Inu network has a way of keeping the supply of tokens in circulation tight and regulated by periodically sending tokens to dead wallets through its “burn” mechanism. Just recently, the community approved the burn of 410 million KNINE tokens to celebrate the anniversary of Vitalik Buterin’s token burn legacy.
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